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Lincoln, Admiral Capital Claim South Seattle Business Park
Dallas-based Lincoln Property Company, along with JV partner Admiral Capital Real Estate Fund II, LP, purchased South Seattle Business Park in Seattle’s Georgetown neighborhood from Redmond, WA-based SMARTCAP Inc. for $17.5 million. The investors plan to complete a multi-million-dollar renovation of the five-building, nearly 100,000-square-foot office and light industrial campus.
The 2.7-acre property is located in a flourishing commercial area along Highway 99 that connects to downtown Seattle, the Port of Seattle, and the Seattle-Tacoma airport. The property at 4634 East Marginal Way is 94% leased to a variety of tenants, including Uber’s Greenlight, and is also home to Arena Sports, a 26,000-square-foot indoor soccer facility.
Planned improvements encompass building exteriors and entries, as well as adding outdoor community space and new landscaping throughout the property.
Marcus & Millichap’s Leroy Lutu represented buyer and seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
